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El Salvador’s plans involving the primary cryptocurrency do not seem to be slowing down anytime soon. After announcing the construction of a volcano-powered mining facility and the installation of BTC ATMs funded by Athena, President Bukele has made yet another intriguing and jaw-dropping statement.
During his recent live address, Nayib Bukele announced that every adult citizen in El Salvador will receive $30 worth of Bitcoin through AirDrop. The citizens will receive the free BTC when they download the government’s Bitcoin wallet app, called Chivo (Spanish for ‘cool’).
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Can This be a Sustainable Initiative from El Salvador?
The adoption of BTC by El Salvador has been appreciated by the global crypto community. At the same time, it has also received opposition and resistance from political parties in the country and World Bank.
Despite the opposition, President Bukele seems confident in his plans to make Bitcoin accessible for all citizens and to mine it within the country as well.
According to Nayib Bukele, every adult Salvadoran who downloads the Chivo app will be eligible to receive $30 in Bitcoin through AirDrop.
Onchain analyst Willy Woo did a quick estimation and tweeted that if all 4.5 million adults in El Salvador receive BTC that would increase the global user base of the crypto asset by 2.5%.
Some analysts estimated the adult population of El Salvador to be around 6.5 million, in which case approximately $195 million worth of BTC will be given to citizens across the country via AirDrop.
While the estimation of total Salvadoran adults might vary, a condition is still applicable to receive free BTC. According to the announcement, Bitcoin will be airdropped to the citizens who download the government’s BTC wallet app Chivo.
However, according to Nayib Bukele, there is an upside to downloading the Chivo app. The wallet app does not require any cell connection, therefore, people won’t have to purchase a cell plan to use the BTC wallet app.
Could This Boost BTC’s Price and El Salvador’s Economy?
The plans to adopt BTC as legal tender and to start mining it with clean energy are to make life easier for the citizens and also to boost the economy of the country. This is why, people have been curious to see if all the new developments, including airdropping of BTC to citizens will positively impact Bitcoin and El Salvador or not?
Considering the facts mentioned above, if the entire adult population in El Salvador downloads the app and receives BTC it will significantly add to the user base of the digital asset. This can push the price of Bitcoin a little up the ladder, which is currently trading at $33,975 (at the time of trading).
On the other hand, the effects of Bitcoin on El Salvador’s economy can be witnessed with more clarity once the Bitcoin law comes into effect on September 7th.
President Bukele’s decision to recognize BTC as a legal tender has received support as well as opposition. Therefore, how the decision turns out to be is yet to be seen in real life.
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